How to Apply for a Car Loan?
At Federal Bank, we offer car loans to individuals looking to purchase a new or used car or new two-wheelers. Some good reasons to apply for a car loan with us are that we offer competitive interest rates, flexible repayment options, and quick loan processing. Other benefits include funding 100% of the ex-showroom price, free personal accident insurance, and no pre-closure charges for individuals. To apply for a Federal Bank car loan, loan applicants must meet certain eligibility criteria and provide documentation such as proof of income and identity.
Read on further to understand the eligibility criteria, interest rates, EMI calculation and the application process for the loan.
Eligibility Criteria for Federal Bank Car Loans
Before applying for a Federal Bank car loan, it is essential to understand the eligibility criteria, which is as follows:
- Salaried and self-employed individuals, sole-proprietorship and partnerships firms, companies, trusts, and educational institutions are eligible to apply for the loan.
- Both resident Indians and NRIs are eligible for the loan.
- In urban areas, the minimum take-home salary after paying the EMIs of existing loans and considering the EMI of the proposed car loan should be Rs. 20,000 and the income of the spouse can be included in the minimum income.
- If the applicant has agricultural and rental income, it can be included in the minimum income. In this case, the minimum income should be Rs. 40,000.
Interest Rates of Federal Bank Car Loan
The rate of interest on Federal Bank car loans is linked to the Repo Rate.
Calculate Federal Bank Car Loan EMI
The applicant can calculate the car loan EMI using the Federal Bank EMI calculator. Provide the loan amount, rate of interest, tenure and additional monthly EMI, and click on the calculate button. The EMI payable will be displayed within no time.
Apply for a Federal Bank Car Loan Online
To apply for a Federal Bank car loan online, visit our official bank website at www.federalbank.co.in and follow the steps provided below.
Fill out an enquiry form with basic personal information, including name, address, mobile number, state, district, and branch preference.
After completing the form, click on the submit button and request a callback from a bank representative.
A representative of the bank will contact the applicant and guide them through the loan application process.
Conclusion
At Federal Bank, we make it easy and convenient for car loan applicants to get their dream car or a new two-wheeler. By offering competitive interest rates, flexible repayment options, and fast disbursal, it is convenient to apply for a car loan online by visiting the bank's website at www.federalbank.co.inand opting for the preferred car loan.